What happens if you default on payday loans?

what end up happening cuase thats happening to me too

since august huh.well seeing as 500fastcash,and oneclick are tribal,and affiliaited also national is illegal as well.my guess is since any fee debits get deducted from the principle(which is all you really owe)you owe these pieces of pdl grabage nothing.find soaplady's signature on dealing with illegal lenders and follow it.the part where you close your account is done so follow the rest.again all three illegal and since they have been debiting sonce aug you owe very little,or nothing.

please name the companies, the amount you borrowed, and the amount of interest you paid on each one.

No that is not true.... That is a lie... 

I had a pdl collection man call and say they can have my drivers licence taken is this true.I am in ca.

The first thing you have to do is check the PDL laws in Texas. The concerned laws are given below: -
Quote:

hello sorry to hear about your situation,, trust me they will use every scare tactic known to man to get you to pay from jail to fraud,, THEY CANNOT UNDER ANY CIRCUMSTANCES THREATEN YOU BUT THEY WILL TRY., CLOSE YOUR BANK ACCOUNT AND TELL THEM IT IS ILLEGAL TO CALL AND THREATEN YOU AND YOU WILL SUE THEM... YOU CANNOT GO TO JAIL THERE IS NO DEBTORS PRISON, IF THEY FEEL THEY CAN INTIMIATE YOU THEY WILL DO NOT LET THEM... you can ignore their calls change your phone number and if you can get your job to refuse thiery calls. you can try triple dot langhorne debt solutions (one word ) dot com
hope this helps

I recently made the HUGE mistake of using an internet payday loan service through 500 Fast Cash for $300.00. It was the first time I had ever done that before. I had some totally unexpected emergent bills that came up that needed to be taken care of right away and I was right in between pay days. After I took out the payday loan, I had a strong feeling that I had probably made a big mistake. I wanted to be done with it as soon as possible, so I called 500 Fast Cash and told them to make sure to take the entire $300 out of my bank account when it was due so that I could pay if off and get rid of them. On the day that my payment was scheduled to be debited from my bank account, they only had taken out $90. I called them as soon as I noticed this and told them that I had called over a week ago telling them to take out the entire $300 to pay my loan off. The person I got on the phone was VERY rude and said that they had no record of me ever calling them. After arguing with this person for a few minutes and telling her over and over again that I had called just after I had taken out the loan, I finally told them to just make certain that my entire loan is paid off on my next due date and not to just take the $90 fee out again. Two weeks later, they did it again. They only took out the $90 from my bank account. At this point, I didn't even bother calling them and got right on the phone with my state's consumer credit protection department. They tried to look up 500 Fast Cash and it turns out that they are not even licensed to do payday loans in my state. In fact, there are only 10 payday loan companies that are licensed in my state and 500 Fast Cash is definitely not one of them. The guy from consumer credit protection advised me to close my bank account ASAP and open up a new one if I could, which I just did today. The guy from the consumer credit protection department even told me that they have had a lot of complaints of payday loan companies lately. He told me that I will probably receive threatening calls from them, but that there is nothing they can do since I can't be legally bound to anything since they are not licensed in my state. I now have a new bank account that they don't have access to and I will NEVER do this again no matter what!

what kind of trouble can i get into if i cant pay either one of them back? i also closed my bank account and openedanother one some were else

Hi snoopy,

What state do you live in?

If they are illegal in your state, they will harass you to get you money back, but can't do anything legally. If you owe them money, then you would need to try & make out an arrangement with them. If the companies are legal then you would need to make an arrangement with them as they can come after you for their money.

Does anyone know the law in NY on payday loans? I thank anyone who can help me.

I responded your you in another post
Quote:

Here is the link to the other thread for "Again" that dawnlango7 replied to:

http://www.debtconsolidationcare.com/paydayloan/about61786.html

Thank you cannr, your awesome :D

Took out a internet payday loan and bank closed account cause of the negative balance. I now have United Legal calling to threaten me because I have not paid it back, but they say it's through BMG Marketing which i do not remember getting the loan from. What are the laws regarding this in Ohio?

BMG Marketing is the PDL and United Legal is a collection agency that BMG uses.

I think BMG is illegal but hopefully someone can come by and confirm that. If they are then collection on that loan are also illegal.

In Ohio the PDL laws have changed but I can't find the new law published yet.

what are the laws in the state of iowa for internet pdl's i agreed to pay back my loan all at one time in the 2 weeks when it was due and the loan was for $300.00 the interest
was $90.00 they were suspose to take $390.00 out of my account all at once instead they took 90 bucks 5 different times so i closed my account they took $450.00 and didn't even take the princable was i wrong to do this?

First what was the name of the PDL? I would bet they are illegal because of the way they continued to take the fee and did not take out the entire loan amount. That is a rollover and rollovers are illegal in IA.

Internet loans are illegal for any PDL company in Iowa. The state regulations require that a borrower actually sign an agreement, not valid with electroninc signature.

CAN ANYONE TELL ME WHAT CAN HAPPEN IF I HAVE DEFAULTED ON A PAYDAY LOAN OFF THE INTERNET. I LIVE IN TEXAS AND HAVE A COMPANY CALLING SAYING THEY ARE GOING TO FILE FRADULANT CHARGES ON ME BECAUSE MY ACCOUNT HAD TO BE CLOSED DUE TO THE NEGATIVE BALANCE. I OFFERED TO MAKE PAMENTS THEY SAID I HAVE TILL 2 TODAY TO COME UP WITH HALY THE MONEY OR THEY WILL FILE CHARGES ON ME. THE AMOUNT I BORROWED HAS TURNED IN TO TWICE THE AMOUNT THAT THEY WANT.

debts are civil matters,not crminal ones.which pdl threatened you?

I live in WA state and like most of you here had taken out a payday loan. I have been getting harrassing phone calls at work and on my cell. I actually took out this loan almost 3 years ago now. I had my identity stolen about the same time so I had to close my accout down well it was also at christmas time so I was dealing with so many other things that I had completly forgotten about these and which companies they were thru. I answered one of the calls as they weren't leaving voice mails they started to threaten me and I told them I knew it was 1000 dollar fine per occurance. So I would make arrangements for the original amount of the loan only if they discontinued threating me. So I made the payment arrangements with them so I thought all was ok well then they failed to pull out the payment as agreed. I told them i would set up another arrangement if and when they provided in writting the reason for them not holding up the payment agreement. They failed to do so now they are calling my work every 5 min they have been told by my supervisors and co workers they must stop calling, but continue to do so then when they pick up the company hangs up the phone. I called the attourney generals office but I have to have a company name so I can file a complaint and they won't give me one. Does anybody have any idea what I can do. I have no problem paying the original amount of the debt as I know that it is mine but they didn't take the payment from me when I had the money right then. I just want them to quit calling me and harrassing me they won't take payment for the original amount I can't get more than this guy telling me he won't give me any info he will only talk to my lawyer but he keeps calling me.

What is the name of the company harrassing you?

I lost my job and defaulted on a payday loan. I live in texas what are the laws on paying it back. I they call all the time and they get very rude. I just hang up. I can not afford to have my phone service changed what do i do.

the cash store

please help are you still there

the payday place that is harassing me is the cash store. what can I do. I was able to pay the other one I had off, because they worked with me. the cash store are hateful people

Guest, Are you the Peggy that posted above?

I live in Texas. i have a company calling me threatening legal action against me. They say they are going to pursue "fradulent or bad check" charges. Can they do this?

No. They can not.

Debt is a civil matter not a criminal one. Texas is a tough state to garnish any wages.

Approximately 2 yrs ago I took out an internet $300 payday loan with the above company. I live in NYS. I paid it off & then had to take out a 2nd $300 loan which I rolled-over & wound up paying major finance charges. I no longer have access to this account online, & therefore do not have the exact amount of interest paid. Due to the loss of my job, I was unable to pay a remaining balance of $90. Now, 2 years later I am receiving threatening phone calls stating that they will file criminal charges against me for check fraud. I never gave them a check! They deposited this loan into a Greendot debit card account that I have, not a bank account. They stated that the amount now owed is $395 (not $90), plus $1,000 in collection fees or whatever, which they will waive if I agree to pay the $395. I am unemployed & struggling just to eat! Can I go to jail or something if I am unable to pay? Thank you in advance for any help you can offer!

Living in NYS there is not a thing that they can do to you, except scare the hell out of you and threaten you. Play day loans are ILLEGAL in New york. Laugh them off. Do not worry
Actually if you did pay the amount borrowed, you are done with them. Again, they are not legal, and therefore can not sue, or anything else that they are telling you they will do.

for putting my mind at ease! I forgot to mention that they (collection agency) sent me a settlement agreement letter, and left a VM message on my phone that they will be debiting my account for 3 installments, beginning on the 19th (Friday). Should I call them & inform them that the funds will NOT be available & not to attempt to charge the account? I have a feeling that they will attempt it anyway & threaten me with life inprisonment! By the way, their website lists states that they do NOT offer payday loans in & NYS is not one of them. Does this then mean that they are licensed in NYS, & if so, how is it then illegal? Just trying to cover all bases! Again, I cannot thank you enough for your help!!!!!!

They can not be licensed in NY . Pay day loans are prohibitted in New york
you will need to close your account/It is the only way they will stop taking your money.
Do nit tell them anything until you have closed your account. Open a new account, but DO NOT give out any banking info

You put my mind at ease. I took out several payday loans, one with Cash Store, the others online. I am now getting phone calls threatening me with "legal action." This is from Pat Corbett's office. I sent them a debt validation letter and will wait to hear. These payday loans were 2 years ago. Fradulent check charges should have been filed then, I would think.

Hello.... I took out a few payday loans and ran into trouble with my bank account and had to close it. I have since opened a new bank account. I was contacted by 1 of the pdl companies and took care of everything via the phone and it was paid off right away. They were very nice and profesional. Within the past month I have been contacted by 2 other companies that just identify themselves by criminal investigation services. The first one called me at work and threated me by saying I was going to go to jail unless I paid. They started by saying I had to pay the entire amount and when I told them I didnt have that they said they could do payments. I was so frightened about the jail thing that I agreed to set up payments. They did refuse to fax or send me any info on this so I had to trust them via phone. I paid them 2 payments of $200 and each time before payment I would receive phone calls from different people none knowing that I had already talked to someone else. When they called again the other day at work I questioned the person that was calling why they didnt have a record of me setting up payment, and asked didnt they know I just talked to one of their collegues they hung up on me. I called right back and was told the gentlemen that I talked to had left. I told them it had only been 30 seconds. The new guy said he would help me. I asked him the same questions and he started stuttering he then said he would have the original guy call me back. I asked him how that was possible because the guy left and he said no that he was just on another line. I thought it was fishy and told I expected to hear back in 5 minutes or I would stop bank payments. I never hear anything back. I stopped payment to them and the bank reimbursed me my money while they investigate.

I guess my questions are : Do you think this is fishy? Can they really threated me with jail time? (I live in Indiana) Can they really refuse to send me any paperwork regarding the debt?

Sounds fishy...did the guy have a really heavy mid-eastern accent?
No, you can not go to jail for unpaid debt.

i agree, i doubt if legal lenders would ever use that tactic (they could sue, so making illegal threats would not work in their favor).
he's full of it, i would not talk to them anymore on the phone, it will do nothing but upset you.

This is total bogus. A debt is a civil matter not a criminal offense.

Criminal Investigation Services is a SCAM!! They harras folks all the time. Please whatever you do, do not give them any of your personal info.

Look at your old bank statements and see who deposited the money in your account for the other 2 loans. I am pretty sure it wasn't them. Best of luck!

Yes they all had a very thick indian accent, but they all had very basic english names. It was very loud in the background and could barely hear anything. I am still worried what might happen with the $400 that they took out. I have gotten the money back, but the bank is investigating it. I am not sure if they are going to find it to be valid or not.

Another question I set up payment arrangements with 1 last pdl that is suppose to start this weekend. They said that they wouldnt send me anything in the mail until after all of the payments have been made. Should I follow thru with this? This person was english speaking. They dont have a valid debit card number since I shut it down, but I am wondering if I should call them and give them the new info and follow thru with the payments. How do I know if it is real?

Also Criminal Investigations is a scam? How do they get all of my personal info?

Thank for all of your help.

Blackmarket. Your information or old debt is sold to the highest bidder. This is not uncommon. This is why I suggest you monitor your credit reports and bank account.

I woud not pay anything to anyone unless I get a written agreement. Tell them to email the repayment structure and total payoff. Legit companies will do this, trust me.

If they call you back tell them you are going to have them arrested for calling your phone number which is on the nation-wide DO NOT CALL list and they are violating it.

That would not be any more full of crap as them telling you they are going to have you arrested.

Cool is so right! Do NOT pay anything to anyone unless you get a written agreement!

The do not call list is only for telemarketers etc. People who you have done business with in the past, collection agencys and such are not included in the do not call list

I have payday loans with 5 different companies storefront and 1 with 500 fast cash online. I recently closed my checking account because I just can't keep this up any longer. I never knew how much fast cash was taking out or when. It was never on time. I am exhausted from all of this. What are the laws for tennessee? Please help me.

Here you go. **FYI** 500 Fast Cash is not licensed in TN. So all you owe is the principal borrowed from them.

[quote]
Tennessee State Information

Legal Status: Legal

Citation:
Tenn. Code Ann. ??45-17-101 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $30 NSF Fee; Court Costs
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018
Regulatory Contact: Bart Daughdrill,


[/quote]

500 fast cash is the very worst PDL! They do business under several DBAs, and owned by a tribe of indians in Oklahoma. They are under investigation by the BBB, FBI, and FTC. So far they have claimed tribal immunity to all charges.

The gaming commission is also investigating them for having their PDL inside of a gambling establishment which violates the gaming laws.

To sum it all up they are a bunch of offensive material removed. CA that are able to hide behind the tribal immunity heritage to do whatever and whenever they want.

I had a loan with 500 fastcash and ameriloan. The drained my bank account with charges not even owed. I had 2 $200.00 loans.

The first one I had was with ameriloan and the entire balance was supposed to be $200.00 plus $35.00 interest. I paid it in full on the first due date with no rollover.

I get paid monthly, and to my suprise******after paying them off----PIF----the next month my account was charged another $235.00. I called them, and told them some kind of mistake had been made. They responded by saying no mistake was made and they took what they were supposed to take. They refused to give me a refund. Being new to the PDL world I did not know what I could do, so I just let it go.

The next month I ran into some more unexpected bills, and needed to take out another PDL. This time I decided to go with 500 fast cash. Not knowing at the time they are owned by the same people. The $200.00 was deposited into my account. On my due date I had chosen the PIF option that was supposed to cost me a total of $235.00. Instead, $385.00 was withdrawn from my account by 500 fast cash, and another $235.00 from ameriloan.

At this point I was getting pissed! This is 2 different PDLs both of which is screwing me over.

I called an attorney. He advised me that I had gotten into a mess with the only way out was to close my checking account and eat my losses. He said he gets several calls each week about PDLs and especially the 2 I named. He said that I could sue, but the attorney fees would add up to more than I had already lost, so in turn I would not recoop anything.

Thanks cool! Your words of inspiration are also a help. Just by reading all the things on this website, I have learned so much.

Anytime, that is what we are here for :wink:

if you think we are a bunch of losers, what the @#$!! are you doing here?